Some people have owned whole life insurance for several years and they want to get more involved with infinite banking. They want to make sure that they are using the infinite banking concept and their policy to their best advantage. That’s good. Today we are going to talk about how to do that.
Some things we will talk about in this episode will be:
Should you borrow from your cash value for everything?
When should you take a policy loan?
Do you have to pay back a policy loan?
Should you pay back a policy loan fast?
Can someone own multiple policies?
ENJOY!
If you own a business you can absolutely use the infinite banking concept to fund business expenses and that’s what we are going to talk about right now in this episode of the Wealth Talks podcast.
A lot of business owners want to use infinite banking to finance business expenses because of the intrinsic benefits. We’re going to talk about the benefits and also the process of using the infinite banking concept for business.There are a few things you want to get right to get all of the benefits and have no problems.
The benefits include tax benefits, time savings, increased profits, more productivity, cost savings, flexibility for loan repayments, better cash flow and peace of mind.
In this episode we talk about:
• Real concrete examples of a business loan and the results
• How to use the infinite banking concept to help with taxes
• How you can keep the interest personally that your business pays on the loan
• How you can finance equipment that will increase productivity
• How to get a discount on subscriptions and commercial insurances by paying in advance
• How to defer loan repayments to a more lucrative season if necessary to improve cash flow
Follow the Wealth Talks Podcast On:
Facebook: https://www.facebook.com/profile.php?id=61554798231074
Listen to the Wealth Talks Podcast on:
Apple Podcasts: https://podcasts.apple.com/gb/podcast/wealth-talks/id978187163
Spotify: https://open.spotify.com/show/7MOugefeGkTl5jdkhYdjvQ?si=80ce9359d8e54cc8
Youtube Music: https://music.youtube.com/playlist?list=PLwU1nBBz00on-wImV9bLClndzJhc0a2eu
Watch on YouTube: https://www.youtube.com/@wealth-talks-podcast
In this podcast we are talking about the problems with the infinite banking concept.
The infinite banking concept is an idea not a product. The infinite banking concept is a way of thinking about money and finance in a way that allows you to keep more of the money you make, grow your wealth and have financial peace of mind.
Some people think the infinite banking concept is a life insurance policy. Or that a life insurance policy is an infinite bank. It is not. The only reason life insurance is associated with Infinite Banking at all, is because life insurance has tax preferred treatment, gives the owner reasonable growth on their money, provides protection and lets the owner leverage their money without giving up policy growth or guarantees.
Some big problems we see when people try and get set up with the Infinite Banking Concept are:
• Too big of premiums
• Borrowing to pay premiums
• Borrowing and repaying loans just because
You can avoid these problems and be successful with the infinite banking concept by learning how it works and implementing it correctly. We will cover that in this podcast too.
If you have a question about the Infinite Banking Concept, ask your question in the comments, or send an email to producer@wealthtalks.com so we can answer your questions right here in the studio.
Follow the Wealth Talks Podcast On:
Facebook: https://www.facebook.com/profile.php?id=61554798231074
Listen to the Wealth Talks Podcast on:
Apple Podcasts: https://podcasts.apple.com/gb/podcast/wealth-talks/id978187163
Spotify: https://open.spotify.com/show/7MOugefeGkTl5jdkhYdjvQ?si=80ce9359d8e54cc8
Youtube Music: https://music.youtube.com/playlist?list=PLwU1nBBz00on-wImV9bLClndzJhc0a2eu
Watch on YouTube: https://www.youtube.com/@wealth-talks-podcast
Today we answer 9 questions we received about life insurance, cash value, money, interest rates, and dividends.
These questions and their answers will be helpful to anyone who uses, or plans to use life insurance cash values and the Infinite Banking concept.
The questions are:
1. Do I get to choose the interest rate I pay on a policy loan?
2. If the dividend rate is 5% and my policy loan interest rate is 4% am I making 1% on the difference?
3. When I pay back my policy loan with interest am I paying myself back principle and interest?
4. Does the interest I owe on a policy loan change every month if I am making principle and interest payments monthly back to the policy?
5. What is the interest rate that the guaranteed cash values compound at?
6. How is the dividend rate determined?
7. Is the dividend rate the same as the compounding growth rate of the policy cash values?
8. Can the insurance company alter my life insurance contract if I start flight lessons?
9. When I borrow money from my policy how does it affect the guaranteed growth of my policy? How does it affect the dividends? How does it affect the face value?
Follow the Wealth Talks Podcast on:
Facebook: https://www.facebook.com/profile.php?id=61554798231074
Listen to the Wealth Talks Podcast on:
Apple Podcasts: https://podcasts.apple.com/gb/podcast/wealth-talks/id978187163
Spotify: https://open.spotify.com/show/7MOugefeGkTl5jdkhYdjvQ?si=80ce9359d8e54cc8
Youtube Music: https://music.youtube.com/playlist?list=PLwU1nBBz00on-wImV9bLClndzJhc0a2eu
Watch on YouTube: https://www.youtube.com/@wealth-talks-podcast
In this podcast you will get specific numbers, and details from two different Whole Life Insurance policies, what the premiums are, how long they can be funded and how much money the owner can borrow.
This is a glimpse into infinite banking policy design that many people will never get.
Follow the Wealth Talks Podcast on:
Facebook: https://www.facebook.com/profile.php?id=61554798231074
Listen to the Wealth Talks Podcast on:
Apple Podcasts: https://podcasts.apple.com/gb/podcast/wealth-talks/id978187163
Spotify: https://open.spotify.com/show/7MOugefeGkTl5jdkhYdjvQ?si=80ce9359d8e54cc8
Youtube Music: https://music.youtube.com/playlist?list=PLwU1nBBz00on-wImV9bLClndzJhc0a2eu
Watch on YouTube: https://www.youtube.com/@wealth-talks-podcast
Josh listens to Wealth Talks on his way to work and he asked us to do a rebuttal to an episode of Dave Ramsey’s show where he is talking about the infinite banking concept. We happen to know a lot about the infinite banking concept, so if anyone can add perspective to Dave Ramsey’s video about the Infinite Banking Concept it would be us.
The video Josh sent to us is called Heated Debate Between Infinite Banker and Dave Ramsey if you need more context to anything we talk about in this podcast the link to that video is here: https://www.youtube.com/watch?v=A-NKv_wp8DM
If anyone knows Jim from Nashville who was on this episode of the Dave Ramsey show, please email producer@wealthtalks.com and let us know. It sounds like Jim has put a lot of thought into what he is doing for his son and we would like to hear more about it.
Review WealthTalks on Apple Podcast here: https://podcasts.apple.com/us/podcast/wealth-talks/id978187163
As a listener of the Wealth Talks Podcast you too can request episodes that answer your questions or talk about something you want to know more about, just send an email to producer@wealthtalks.com
When the Infinite Banking Concept (IBC) was first discovered, many insurance companies were fine with their agents selling policies designed for IBC. Some even went out of their way to recruit such agents. But this favor seems to be souring.
Recently Mass Mutual, one of the largest insurance companies, stated they may terminate agents who practice IBC.
What happened?
Recently there was an agent who was claiming to help people with the Infinite Banking Concept. Instead, he was swindling them.
On today’s episode Tom and John break down this guy’s swindling setup, talk about scenarios which should have been red flags to his clients and what finally happened to the guy. They also share some practical financial tips which can help keep you from being conned.
Sustainable Wealth Seminar Sept 17-18th: https://www.life-benefits.com/sustainable-wealth-seminar/